{"id":23679,"date":"2021-08-28T21:34:37","date_gmt":"2021-08-28T21:34:37","guid":{"rendered":"https:\/\/businessyield.com\/?p=23679"},"modified":"2021-08-28T21:34:41","modified_gmt":"2021-08-28T21:34:41","slug":"advantages-of-moving-traditional-business-to-online-business","status":"publish","type":"post","link":"https:\/\/businessyield.com\/online-business\/advantages-of-moving-traditional-business-to-online-business\/","title":{"rendered":"Advantages of Moving Traditional Business to Online Business","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
As a traditional business owner, whether you like it or not, the fact is eCommerce has revolutionized the retail landscape of many businesses in the last two decades. Though both business forms have pros and cons, a fundamental shift to online business was seen after the ongoing pandemic no savvy business person can ignore, and it is just the beginning.<\/p>\n\n\n\n
According to Statista, there will be 2.14 billion digital buyers globally in 2021, and e-commerce retail sales will account for 22% of the total in 2023.<\/p>\n\n\n\n
Running an online business doesn’t mean you should abandon your physical business. You don’t need to own expensive warehouses or buy office spaces in the city’s center with an online business.<\/p>\n\n\n\n
With an online business, you’re free to operate from anywhere you want. Although the transition period is always complex, here are some benefits that will make it worth it.<\/p>\n\n\n\n
In traditional business, you will only get a piece of the pie. Your earning potential is determined by the income level of the people in the area you’re targeting. Whereas in an online business, there’s no cap on your earning potential as people living in different cities or even states can buy from you.<\/p>\n\n\n\n
We have examples of many entrepreneurs who started doing business online grew exponentially within no time.<\/p>\n\n\n\n
The growth phase in eCommerce can be challenging as the industry continues to grow at a phenomenal pace. Jumping into eCommerce requires a specific set of skills you can acquire. From an online business master’s programs<\/a> degree to help equip you with the skills needed to understand the industry better as an entrepreneur. This will help you reach your business goals quicker.<\/p>\n\n\n\n A professional qualification can give you a strategic mindset and knowledge of critical business areas such as Marketing, Finance, Supply Chain, Customer Services, and Technology.<\/p>\n\n\n\n This might have been mentioned or talked about a lot, but a point that deserves to be repeated. No brick and mortar can run without burning loads of cash 24\/7, but after gaining initial traction, an online business can run 24\/7 throughout the year at minimum costs.<\/p>\n\n\n\n You don’t have to be glued to your computer for running a business all the time. Every process can be automated.<\/p>\n\n\n\n A “search bar” option on your website can provide all the information to anyone who visits it within seconds. All a person needs is a smartphone or a laptop to access your website.<\/p>\n\n\n\n#2. Open 24\/7, 365:<\/strong><\/h2>\n\n\n\n
#3. You can run it from anywhere:<\/strong><\/h2>\n\n\n\n